An increased $300 million five-year deal was priced on Friday by lead managers ABN AMRO, JPMorgan and Salomon Smith Barney. The Reg S offering was increased from $200 million and priced at par with a coupon of 8% to yield 531bp over Treasuries.
Having gone out with indicative pricing of 8% to 8.25%, the leads were able to price at the tight end of the range after building up a $625 million order book, three times the original size of the deal. Allocations saw 15% of bonds placed in Europe, 1% with offshore US accounts and the balance in Asia, where demand was fairly evenly split between Hong Kong, Singapore and Manila.
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